D-Wave Quantum Inc. (NYSE:QBTS) Receives Consensus Rating of “Buy” from Brokerages

D-Wave Quantum Inc. (NYSE:QBTS) has received a consensus rating of “Buy” from the six analysts that are covering the firm, Marketbeat Ratings reports. Six research analysts have rated the stock with a buy recommendation. The average 12 month price target among analysts that have covered the stock in the last year is $8.42.

Several research analysts recently commented on the company. B. Riley lifted their price target on D-Wave Quantum from $11.00 to $12.00 and gave the stock a “buy” rating in a research report on Friday, March 14th. Roth Mkm boosted their target price on D-Wave Quantum from $7.00 to $10.00 and gave the company a “buy” rating in a research report on Friday, March 14th. Craig Hallum increased their price target on D-Wave Quantum from $2.50 to $9.00 and gave the company a “buy” rating in a report on Friday, December 20th. Needham & Company LLC reaffirmed a “buy” rating and set a $8.50 price objective on shares of D-Wave Quantum in a research note on Wednesday, April 2nd. Finally, Benchmark reissued a “buy” rating and issued a $8.00 target price on shares of D-Wave Quantum in a research note on Friday, March 14th.

D-Wave Quantum Trading Up 3.9 %

Shares of D-Wave Quantum stock opened at $6.59 on Tuesday. D-Wave Quantum has a 12 month low of $0.75 and a 12 month high of $11.95. The stock has a 50 day moving average of $6.76 and a 200 day moving average of $4.74. The firm has a market cap of $1.92 billion, a PE ratio of -15.69 and a beta of 0.88.

D-Wave Quantum (NYSE:QBTS) last posted its earnings results on Thursday, March 13th. The company reported ($0.37) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.28). The company had revenue of $2.31 million for the quarter, compared to analysts’ expectations of $2.23 million. As a group, equities research analysts forecast that D-Wave Quantum will post -0.41 earnings per share for the current fiscal year.

Insider Transactions at D-Wave Quantum

In other D-Wave Quantum news, CEO Alan E. Baratz sold 8,372 shares of the business’s stock in a transaction dated Thursday, January 23rd. The shares were sold at an average price of $5.27, for a total value of $44,120.44. Following the completion of the sale, the chief executive officer now directly owns 2,342,208 shares of the company’s stock, valued at $12,343,436.16. The trade was a 0.36 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO John M. Markovich sold 5,582 shares of the firm’s stock in a transaction that occurred on Thursday, January 23rd. The stock was sold at an average price of $5.27, for a total transaction of $29,417.14. Following the transaction, the chief financial officer now directly owns 1,064,556 shares in the company, valued at approximately $5,610,210.12. This trade represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 10,071,206 shares of company stock worth $46,758,181. 7.22% of the stock is currently owned by insiders.

Hedge Funds Weigh In On D-Wave Quantum

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Fourth Dimension Wealth LLC purchased a new stake in D-Wave Quantum in the fourth quarter worth about $26,000. PNC Financial Services Group Inc. purchased a new position in D-Wave Quantum during the fourth quarter valued at approximately $38,000. Heritage Wealth Advisors bought a new position in D-Wave Quantum in the fourth quarter worth approximately $67,000. GAMMA Investing LLC lifted its holdings in D-Wave Quantum by 4,019.5% during the first quarter. GAMMA Investing LLC now owns 10,587 shares of the company’s stock worth $80,000 after buying an additional 10,330 shares during the period. Finally, Kingsview Wealth Management LLC purchased a new position in shares of D-Wave Quantum in the 4th quarter valued at $84,000. Institutional investors own 42.47% of the company’s stock.

D-Wave Quantum Company Profile

D-Wave Quantum Inc develops and delivers quantum computing systems, software, and services worldwide. The company offers Advantage, a fifth-generation quantum computer; Ocean, a suite of open-source python tools; and Leap, a cloud-based service that provides real-time access to a live quantum computer, as well as access to Advantage, hybrid solvers, the Ocean software development kit, live code, demos, learning resources, and a vibrant developer community.